Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 08/01/14 Update SUP ($18.71, Neutral; $20.50 PT): Reports Mixed Q2; Closing Major Facility as It Prioritizes Profitability Over Market Share; Maintain Neutral & $20.50…
  • 08/01/14 Update TREC ($12.02, Buy; $17.50 PT): Reports Q2 ’14 Results Above Our/Consensus Estimates
  • 08/01/14 Update AVP ($13.20, Buy; $16.00 PT): Op. Profit Upside Surprise--Street Estimates Finally Appear Achievable
  • 08/01/14 Update WWWW ($21.72, Neutral; $23.00 PT): Discontinuation of Business and Productivity Reset Impairs Growth Profile; Reducing Estimates and PT declines from…
  • 08/01/14 Update CTP ($13.33, Buy; $17.50 PT): Delivers Record Q2 Results; Strong Q3 Guidance Reaffirms Our Thesis
  • 08/01/14 Update ONNN ($8.56, Buy; $12.50 PT): Qtr Beats But Outlook Mixed, Aptina Sets Up Margin Catalysts; $12.50 PT
  • 08/01/14 Update OUTR ($55.02, Neutral; $58.00 PT): Weak Q2 Results and Reduced Guidance Confirms Concerns Leading to Our Recent Downgrade; Redbox Rental Trends Need…
  • 08/01/14 Desk Report B. Riley & Co. August Focus List: BC, CALD, CNVR, DECK, EMKR, GME, ISIL, KTOS, NTRI, PRMW, TIVO
  • 08/01/14 Update AXTI ($2.15, Neutral; $2.50 PT): Solid 2Q/3Q Results/Guide; Raising Estimates and PT from $2.40 to $2.50; Tough Road Ahead; Maintain Neutral
  • 08/01/14 Update HGG ($7.11, Neutral; $7.00 PT): 1Q And Outlook Worse Than Anticipated, No Recovery In Sight
  • 08/01/14 Update GPX ($27.21, Buy; $29.00 PT): Reports Strong Q2 ’14 Results; Reiterate Buy Rating and $29.00 Price Target
  • 08/01/14 Update SBH ($25.95, Buy; $32.00 PT): Same-Store Sales Growth Improves--Maintaining Estimates and $32 PT
  • 08/01/14 Update BRKS ($10.18, Buy; $12.50 PT): Revenues Beat And Outlook EPS In-Line; Maintain Buy And $12.50 PT
  • 08/01/14 Update PLNR ($2.69, Buy; $3.10 PT): Reports FY Q3 Consensus and Guidance Beat and Issues Strong FY Q4 Guidance; Digital Signage Continues to Impress
  • 08/01/14 Morning Note B. Riley & Co. Morning Notes: ABTL, AVP, AXTI, BRKS, CALD, CTP, GPX, HGG, IMMR, MCHP, ONNN, OUTR, PLNR, REIS, SBH, SNAK, TREC, WWWW; Focus List Update
  • 08/01/14 Update CALD ($10.72, Buy; $17.00 PT): Reports Q2 ’14 Results; Reiterate Buy Rating and $17.00 Price Target
  • 08/01/14 Update SNAK ($12.05, Buy; $16.25 PT): Downside Revenues Offset by Better Margins; EPS Growth to Accelerate
  • 08/01/14 Update MCHP ($45.60, Neutral; $50.00 PT): Solid Qtr And Outlook, But Shortages Bear Watching; Price Tgt To $50.0
  • 08/01/14 Update ABTL ($10.96, Buy; $19.00 PT): AutoUSA Cleanup Impacts Revenue, Though Cost Cuts Save Bottom line; Reducing Estimates and PT Declines from $21.00…
  • 08/01/14 Update REIS ($21.61, Buy; $30.00 PT): Relentless Innovation & Solid Execution Drives Strong Q2 Results And There Is More to Come; Raising Estimates and Price…
  • 08/01/14 Update IMMR ($13.65, Buy; $16.50 PT): Q2 Results Below Expectations as License Negotiations Result in Near-term Setback; Long-term Thesis Remains Intact
  • 07/31/14 Update HSKA ($13.20, Neutral; $14.25 PT): Delivers Strong Q2 ‘14 Beat
  • 07/31/14 Update YELP ($75.60, Neutral; $65.00 PT): Solid Quarter with Guidance Increased; Debate About Churn Should Escalate; Reiterate Neutral and PT Increases from…
  • 07/31/14 Update COHU ($10.90, Buy; $14.50 PT): Big Revenue Beat And Raise Shows Cycle Strength Plus Share Gains
  • 07/31/14 Update DORM ($44.01, Sell; $32.50 PT): Shares Tumble as Big GM% Miss Exposes Vulnerability; PT to $32.50
  • 07/31/14 Update LRCX ($67.89, Buy; $80.00 PT): Another Solid And Above Peer Performance; Add For Upside To $80.0
  • 07/31/14 Update ROVI ($23.71, Buy; $28.75 PT): More Consistent Upside + Improving License Visibility + Expanding Use Case/ARPU Opportunities = A Recipe for Shares…
  • 07/31/14 Update AKAM ($57.45, Buy; $69.00 PT): Solid Quarter and Guidance as all Businesses Gain Traction
  • 07/31/14 Update FORM ($7.22, Buy; $10.00 PT): Company Returns To Profitability With Strong Results And Outlook
  • 07/31/14 Update COHR ($59.98, Neutral; $68.25 PT): F3Q/F4Q Results/Guide Below Consensus Estimates; Reducing Estimates and Price Target from $71.50 to $68.25; Maintain…
  • 07/31/14 Update ISIL ($14.04, Buy; $17.00 PT): Margins Powering Higher, Bolstering Turn-Around Confidence; PT $17.0
  • 07/31/14 Update STMP ($34.50, Neutral; $33.00 PT): Reports Q2 ’14 Results; Adjusting Estimates to Reflect Acquisition of ShipStation; Increasing Price Target Slightly;…
  • 07/31/14 Update AMC ($22.51, Buy; $28.00 PT): Reports Upside Q2 EBITDA in Face of Weak Box Office; Look Past Near-Term Box Office as AMC Sets Stage to Outperform…
  • 07/31/14 Update NEWP ($17.54, Buy; $24.50 PT): Mixed 2Q/3Q Results/Guide; Adjusting Estimates and Lowering PT from $25.50 to $24.50; Maintain Buy
  • 07/31/14 Morning Note B. Riley & Co. Morning Notes: AKAM, AMC, COHR, COHU, DORM, FORM, GME, HSKA, ISIL, LRCX, NEWP, ROVI, STMP, YELP
  • 07/30/14 Update GME ($44.22, Buy; $64.00 PT): EA Access Should Not Be Disruptive To GameStop
  • 07/30/14 Update OPLK ($18.97, Buy; $23.00 PT): Announces Initiatives to Enhance Value; Raising Estimates and Price Target from $21.00 to $23.00; Maintain Buy
  • 07/30/14 Update SNDK ($92.90, Buy; $124.00 PT): Update Estimates For Accretive FIO Deal; Buy For Upside To $124.0 PT
  • 07/30/14 Update DWA ($22.66, Neutral; $25.00 PT): Q2 Results Below Expectations; Remain Optimistic on Transition to Stronger 2015 Profitability; First Signs Unlikely…
  • 07/30/14 Update CAMT ($3.94, Buy; $5.00 PT): Results And Outlook Mixed But Gryphon Progress Steals The Show
  • 07/30/14 Update Industry Update - Exhibitor Group Week 3 Earnings Previews
  • 07/30/14 Update PRGX ($6.08, Buy; $7.50 PT): Reports Mixed Q2 ’14 Results; Reiterate Buy Rating and $7.50 Price Target
  • 07/30/14 Update WWWW ($26.91, Neutral; $32.00 PT): Preview: Expect In Line/ In Line; Reducing PT from $40.0 to $32.0 to Align with Rating; Awaiting Info on .xyz Promotion
  • 07/30/14 Update NTRI ($17.94, Buy; $22.00 PT): 2Q14 Upside Surprise—Raising Annual EPS Estimates by $0.03
  • 07/30/14 Update MOVE ($14.00, Buy; $18.00 PT): Lowers FY ’14 Guidance on DDoS Attack and Weakness in Moving; Co-Broke Re-Vamp on Track and Key to the Story
  • 07/30/14 Update REMY ($23.06, Buy; $33.00 PT): Earnings Preview: Q2 Revenue Could Reach $300MM for First Time Since 2011 As China and CV Production Ramps; Reiterate…
  • 07/30/14 Update PSUN ($2.01, Neutral; $2.10 PT): Prevailing headwinds lead us to temper trajectory of EBITDA recovery; balance sheet could use bolstering- downgrading…
  • 07/30/14 Update SIMO ($24.19, Buy; $32.00 PT): Raising Estimates and PT from $27.50 to $32.00 Following Strong Q2 Report and Outlook; SSD Controller Business to Grow…
  • 07/30/14 Update KLIC ($14.20, Buy; $17.50 PT): Revenues Beat In Results And Outlook; Maintain Buy Rating
  • 07/30/14 Update CALD ($11.21, Buy; $17.00 PT): Q2 ’14 Earnings Preview; Reiterate Buy Rating and $17.00 Price Target
  • 07/30/14 Morning Note B. Riley & Co. Morning Notes: ABTL, ACW, ADI, CALD, CAMT, DWA, EVOL, HGG, KLIC, MOVE, NTRI, OPLK, PCTI, PRGX, PSUN, REIS, REMY, SIMO, SNDK, UNTD,…
  • 07/30/14 Update ADI ($50.52, Buy; $62.00 PT): HITT Deal Has Recently Closed, Updating ADI Estimates; Tgt To $62.0
  • 07/30/14 Update ABTL ($11.19, Buy; $21.00 PT): Earnings Preview: Expect In line Results; 3Q14 Consensus Revenue Estimates Aggressive
  • 07/30/14 Update PCTI ($8.13, Buy; $11.50 PT): Light on Revenue, Meets on EPS as PCTI Looks to Return to Earnings Growth in 2H ’14
  • 07/29/14 Update ACW ($5.18, Neutral; $4.50 PT): Impressive Gunite Turnaround, But Upside Requires Market Share Gains
  • 07/29/14 Update REIS (22.00, Buy; $27.00 PT): Earnings Preview: Expect Q2 Results a Bit Ahead of Our Model
  • 07/29/14 Update UNTD ($10.61, Buy; $20.75 PT): Earnings Preview: Reiterate Buy; Overlooked Orphan Stock Offers Deep Value with Covert Growth Optionality
  • 07/29/14 Update HGG ($8.50, Neutral; $11.00 PT): 1Q Should Show Signs Of Improvement With Potential For Upside
  • 07/29/14 Update EVOL ($9.78, Buy; $11.00 PT): Earnings Preview: EVOL Set to Breakout with Record Activations Revenue in Q2
  • 07/29/14 Update AKAM ($59.44, Buy; $68.00 PT): Preview: Expect Beat; Expect Caution in Guidance Only due to Timing of iOS8 Launch
  • 07/29/14 Update COHU ($10.59, Buy; $14.00 PT): Expect Inline Results/Outlook As Co Progresses To New Target Model
  • 07/29/14 Update TYPE ($28.92, Buy; $39.50 PT): Reports Q2 ’14 Results; Increasing Price Target from $39.25 to $39.50; Reiterate Buy Rating
  • 07/29/14 Update AFOP ($16.59, Neutral; $18.00 PT): Growth Engine Seems to Have Stalled; Lowering Estimates and PT from $22.00 to $18.00; Downgrading from Buy to Neutral
  • 07/29/14 Update GPX ($23.08, Buy; $29.00 PT): Q2 ’14 Earnings Preview; Reiterate Buy Rating and $29.00 Price Target
  • 07/29/14 Update DCO ($23.21, Buy; $38.50 PT): Rising Backlogs, Improving Program Performance Drive Beat; Raising PT from $33.50 to $38.50
  • 07/29/14 Morning Note B. Riley & Co. Morning Notes: AFOP, AKAM, COHU, CTP, DCO, FORM, GIG, GPX, IVAC, MOVE, NEWP, PLNR, PRGX, SIMO, SNAK, TREC, TYPE, YELP
  • 07/29/14 Update CTP ($12.50, Buy; $15.00 PT): Earnings Preview: Expect Results Better Than Consensus and Another Quarter of Record Net Revenue
  • 07/29/14 Update PLNR ($2.65, Buy; $3.00 PT): Earnings Preview: Expect In Line FY Q3 Results; Raising Estimates on Stronger Conviction for Digital Signage Outlook
  • 07/29/14 Update NEWP ($17.30, Buy; $25.50 PT): Earnings Preview: 2Q/3Q Uncertainties due to Israeli Conflict and Soft Semicap; Wait for the Print
  • 07/29/14 Update IVAC ($6.66, Neutral; $7.25 PT): 2Q14 Beats But Outlook Misses; C14 Revenues Lowered At High-End
  • 07/29/14 Update TREC ($12.01, Buy; $17.00 PT): Earnings Preview: Expect Q2 Results In Line With Our Estimates
  • 07/29/14 Update GIG ($1.36, Buy; $2.10 PT): Solid 2Q/3Q Results/Guide; Reduced EPS Estimates to Reflect Tahoe RF Acquisition; Reduced PT from $2.40 to $2.10; Reiterate…
  • 07/29/14 Update YELP ($69.33, Neutral; $62.00 PT): Preview: Expect In Line Quarter and Guidance; Traffic in 2Q Slower –GOOGL’s Recent Changes Could Help; Reiterate…
  • 07/29/14 Update SNAK ($11.21, Buy; $16.25 PT): Earnings Preview: Expect In Line or Better Q2 Results; Expect Earnings Growth to Accelerate in H2
  • 07/28/14 Update MOVE (B. Riley & Co. Update: $15.29, Buy; $18.00 PT): Earnings Preview – Expect In Line or Slightly Better Q2 Results
  • 07/28/14 Update FORM ($6.80, Buy; $10.00 PT): Expect Solid Results And Outlook As Longer Term Turnaround Continues
  • 07/28/14 Update PRGX ($6.53, Buy; $7.50 PT) Q2 ’14 Earnings Preview; Reiterate Buy Rating and $7.50 Price Target
  • 07/28/14 Update STMP ($33.90, Neutral; $32.75 PT) Q2 ’14 Earnings Preview; Maintain Neutral Rating and $32.75 Price Target
  • 07/28/14 Update CAMT ($3.51, Buy; $4.50 PT) Expect Inline Result/Outlook; New Products Remain In Focus For 2H14
  • 07/28/14 Update Industry Update - Household/Personal Care: Weekly Highlights (IPAR, JAKK, KMB, NWL, TUP)
  • 07/28/14 Update SLAB ($40.04, Buy; $48.00 PT) Beats And Lowers With On-Track Core Growth Story – PT To $48.0
  • 07/28/14 Update ROVI ($23.43, Buy; $27.75 PT) Expecting Solid Q2 Results as CE/ACP Headwinds Have Lessened; Focus Can Return to Service Provider Growth as License…
  • 07/28/14 Update IMMR ($13.14, Buy; $16.50 PT) Earnings Preview: Multiple Tailwinds Provide Ample FCF Growth
  • 07/28/14 Update DORM ($48.38, Sell; $36.50 PT) Expect Weather Tailwind to Drive 2Q14 Upside, Though Substantial Questions Emerging Regarding Dorman’s Growth and…
  • 07/28/14 Update AMC ($23.01, Buy; $28.00 PT) Reducing Q2 Estimates on Expected IMAX Box Office Impact; Build Positions Ahead of 2015 Film Slate and Positive Operating…
  • 07/28/14 Update OUTR ($53.66, Neutral; $64.00 PT) Reducing FY14/FY15 Estimates and Price Target Ahead of Thursday’s Print as Management’s Ability to Drive Growth…
  • 07/28/14 Update PCTI ($7.87, Buy; $11.50 PT) Earnings Preview: Righting the Ship in Q2, Ramping in 2H; Share Dislocation Belies Business Momentum
  • 07/28/14 Update B. Riley & Co. July Focus List (updated): BC, CALD, CNVR, DECK, EMKR, GME, ISIL, KTOS, NTRI, PRMW, TIVO
  • 07/28/14 Update DMD ($5.13, Buy; $9.00 PT) Upside from gTLD Opportunity implies 70% upside; Post Spin, DMD could be an Acquisition Candidate
  • 07/28/14 Morning Note B. Riley & Co. Morning Notes: AMC, BC, CAMT, DMD, DORM, IMMR, KLIC, OUTR, PCTI, PRGX, ROVI, SLAB, STMP; Focus List Update, Consumer Products, Semiconductors
  • 07/28/14 Update Industry Update: Consumer Products - Change in B. Riley Focus List Pick (JAKK, NTRI)
  • 07/28/14 Update Industry Update - Semi+Semi Cap Wk #3 Preview: ISIL, LRCX, BRKS, MCHP, ONNN Follow Big SOX Drop
  • 07/25/14 Update BC ($42.45, Buy; $52.00 PT) Reports Q2 EPS Upside and Favorably Narrows FY Guide; Expect DD% Top Line Growth in 2H as Growth Profile Inflects; Reiterate…
  • 07/25/14 Update KLIC ($13.96, Buy; $16.50 PT) Expect Inline To Better Results And Outlook; Maintain Buy Rating
  • 07/25/14 Update HZO ($17.05, Buy; $23.00 PT) Strong Top Line Momentum as High ASP Industry Recovery Takes Hold; New Product Tailwind Just Beginning; Raising PT to…
  • 07/25/14 Update WMAR ($8.81, Buy; $13.25 PT) As Expected, WMAR Lowers Expectations; Valuation Discount Now Too Steep; Reiterate Buy & $13.25 PT